/raid1/www/Hosts/bankrupt/TCRLA_Public/160321.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, March 21, 2016, Vol. 17, No. 56
Headlines
A R G E N T I N A
ADCAP RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
B R A Z I L
AMPLA ENERGIA: S&P Affirms 'BB' GS CCR; Outlook Remains Negative
USJ - ACUCAR E ALCOOL: Fitch Cuts LT Issuer Default Rating to 'C'
ODEBRECHT OLEO: S&P Lowers CCR to 'CC' & Maintains on Watch Neg.
PARANA BANCO: S&P Affirms 'BB-/B' Ratings; Outlook Remains Neg.
C A Y M A N I S L A N D S
AFRICA HORIZONS: Shareholders Receive Wind-Up Report
AQUAMARINE OCEAN: Shareholders Receive Wind-Up Report
ATLANTA AGGREGATOR: Shareholders Receive Wind-Up Report
ATLANTA CO-INVESTMENT: Shareholders Receive Wind-Up Report
BELLINGHAM INVESTMENTS: Shareholder Receives Wind-Up Report
GLOBAL BUILDING: Shareholders Receive Wind-Up Report
JOURNEY INVESTMENT: Shareholder Receives Wind-Up Report
JOURNEY INVESTMENT MASTER: Commences Liquidation Proceedings
JOURNEY INVESTMENT US: Shareholder Receives Wind-Up Report
LA BELLE: Shareholders Receive Wind-Up Report
MIDSHIPS CAPITAL: Shareholder Receives Wind-Up Report
MIDSHIPS CAPITAL MASTER: Shareholder Receives Wind-Up Report
MYOLD INC: Shareholder Receives Wind-Up Report
NAD OFFSHORE: Shareholders Receive Wind-Up Report
NOVATO CORP: Shareholder Receives Wind-Up Report
PANTHALASSA CM: Shareholders Receive Wind-Up Report
RESIDENTIAL REINSURANCE: Shareholder Receives Wind-Up Report
ROCKLEDGE INSURANCE: Shareholders Receive Wind-Up Report
TRIMAX MASTER: Creditors' Proofs of Debt Due April 4
C O L O M B I A
PACIFIC EXPLORATION: Considering Buyout to Avoid Bankruptcy
D O M I N I C A N R E P U B L I C
DOMINICAN REP: All Fuels Except Natural Gas Hike 3rd Straight Week
J A M A I C A
JAMAICA: To Clear Trade Barriers With Cuba
JAMAICA: Big Savings From Central Treasury Management System
M E X I C O
BANCO MERCANTIL: S&P Affirms 'BB' Rating on $120MM Jr. Sub. Notes
P A N A M A
PANAMA: Uncertain External Environment Poses Risks, IMF Says
T R I N I D A D & T O B A G O
TRINIDAD & TOBAGO: IMF Projects GDP to Fall 1% This Year
X X X X X X X X X
LATAM: IDB & OAS Urge Region to Strengthen Cybersecurity
* BOND PRICING: For the Week From March 14 to March 18, 2016
- - - - -
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A R G E N T I N A
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ADCAP RENTA: Moody's Assigns B-bf Global Scale Bond Fund Rating
---------------------------------------------------------------
Moody's Latin America Agente de Calificacion de Riesgo has
assigned bond fund ratings to Adcap Renta Mixta (the Fund), a new
short term bond fund domiciled in Argentina and managed by
Convexity S.A.SGFCI. SA.
The ratings assigned are as follows:
-- Global scale bond fund rating: B-bf
-- National scale bond fund rating: Aa-bf.ar
RATINGS RATIONALE
The bond fund ratings are based on Moody's expectation that the
Fund will largely invest in Lebacs (Tbills) denominated in local
currency. The ratings also incorporate an expectation that if
current Tbill interest rates decline, the Fund's investment
strategy may shift to include a higher proportion of corporate
bonds with minimum credit quality of B3/A3.ar. Additionally,
Moody's noted that the Fund will typically invest its liquidity in
time deposit funds. The Fund's average duration is not expected to
exceed 180 days.
The rating agency noted that Adcap Renta Mixta FCI is a new fund
with no prior track record, but managed by an experienced
investment manager. Moody's analysis was performed on a model
portfolio provided by the fund sponsor. The rating agency expects
the Fund to be managed in line with the model portfolio. However,
Moody's noted that if the Fund's actual portfolio deviates
materially from the model portfolio, the Fund's ratings could
change.
"Based on the Fund's pro-forma portfolio, the Fund's credit
quality profile is consistent with other B-bf/Aa-bf.ar rated Lebac
funds", said Moody's assistant vice president Carlos de Nevares.
Convexity S.A.S.G.F.C.I, is a mid-size Argentinean asset manager
with 0.7% industry market share. As of 31 January 2016, Convexity
S.A.SGFCI, had approximately AR$1,409.8 billion in assets under
management.
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B R A Z I L
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AMPLA ENERGIA: S&P Affirms 'BB' GS CCR; Outlook Remains Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' global scale
and 'brAA-' national scale corporate credit ratings on Ampla
Energia e Servicos S.A. The outlook on both ratings remains
negative.
S&P also affirmed its 'brAA-' issue-level ratings on Ampla's
sixth, seventh, and eighth debentures issuances and withdrew the
'3H' recovery ratings on them. S&P also revised Ampla's SACP to
'bb-' from 'bb'.
The SACP revision reflects S&P's view that the company will
continue posting weaker credit metrics in the next few years as a
result of higher debt. Due to the weakness in cash flow
generation, Ampla has received intercompany loans from its parent
to strengthen its liquidity.
The rating affirmation follows S&P's view that Ampla is now a
strategically important subsidiary of Enersis Americas S.A.
(Enersis Americas; BBB/Negative/--), the ultimate parent. This
reflects that Brazil represents a significant portion of Enersis
Americas' revenues and EBITDA generation. The parent's support to
Ampla is reflected in the intercompany loans in the past 12 months
to strengthen its liquidity.
Despite this support, the sovereign rating caps those on Ampla.
In S&P's view, Brazil's electricity sector is highly regulated,
especially the distribution and transmission segments, because the
regulator, Agencia Nacional de Energia Eletrica (ANEEL) sets the
rates. S&P believes that Ampla, as other regulated utilities in
Brazil, could be subject to government interference under a
sovereign default scenario, so the foreign currency rating on
Brazil is a ceiling for the ratings on these companies.
S&P withdrew its recovery rating based on our understanding that
Ampla, as a regulated electric utility, is not subject to Brazil's
insolvency regime in case of default, unless after the concession
expires, according with Law 12,767/2012. Despite of S&P's view
that, in general, a debt restructuring could maximize recoveries
for the creditors, this law reduces the predictability in a
default scenario for the regulated electric utilities. Issue-
level ratings remain unchanged because S&P now uses its
traditional issue rating notching guidance. And S&P's
calculations indicate that there are no significant secured or
other priority liabilities to put unsecured creditors at a
disadvantage to other creditors in a default scenario.
The negative outlook on Ampla mirrors the sovereign rating
outlook.
If S&P was to downgrade Brazil, S&P could take the same rating
action on the company. S&P could also downgrade Ampla if its
credit metrics deteriorate in the next years, leading to a FFO to
debt consistently below 9% and adjusted debt to EBITDA
consistently above 5.5x, coupled with a weaker liquidity position,
or if the parent shows lesser willingness to support Ampla.
The sovereign rating currently caps the rating on Ampla, and S&P
don't foresee an upgrade potential in the short term. If S&P was
to upgrade Brazil, S&P could take a same rating action on Ampla,
everything else remains equal.
USJ - ACUCAR E ALCOOL: Fitch Cuts LT Issuer Default Rating to 'C'
-----------------------------------------------------------------
Fitch Ratings has downgraded the Foreign and Local Currency long-
term Issuer Default Ratings (IDRs) of U.S.J. - Acucar e Alcool
S.A. (USJ) to 'C' from 'CC' and the long-term National Scale
rating to 'C(bra)' from 'CC(bra)'. Fitch has also downgraded the
company's USD275 million senior unsecured notes due 2019 to
'C/RR4' from 'CC/RR4'.
KEY RATING DRIVERS
The downgrade reflects USJ's announcement, on March 15 2016, of a
private exchange offer for any and all of its outstanding 9.875%
senior unsecured notes due 2019 for newly issued secured notes at
65% or 60% of the par value and unchanged tenor. According to the
terms and conditions of the new notes, the company will have the
option to defer coupon payments in 2016 and 2017 and pay accrued
interest at maturity in 2019. According to Fitch's methodology,
this exchange proposal is viewed as a distressed debt exchange
(DDE).
In case USJ defers coupon payments in 2016 and 2017, the coupon
rate will increase to 12% for these two years, and return to the
original 9.875% in 2018 and 2019. New notes will be secured by a
fiduciary lien on USJ's Araras mill. Bondholders who accept the
offer by March 28, 2016 will be subject to a 35% haircut.
Acceptance by April 11, 2016 will lead to a 40% haircut. USJ also
requests consent to eliminate all restrictive covenants, certain
events of default, and related provisions under the existing notes
Indenture.
The conclusion of the debt exchange offer and consent solicitation
is conditioned upon the valid tender of at least 90% of the
aggregate principal amount of the outstanding existing notes.
KEY ASSUMPTIONS
-- Crushed sugar cane volumes of 3.2 million tons in 2015/2016
and gradual increases of 5% thereafter;
-- Mix relatively unchanged at 66% sugar and 34% ethanol for
the projected period;
-- Average sugar prices at USD13 cents/pound in 2015/2016,
USD15 cents/pound in 2016/2017 and USD16 cents/pound onward;
-- Domestic ethanol prices keep their historical correlation
with international sugar prices;
-- No dividends coming from SJC Bioenergia (SJC)in 2015/2016;
-- Up to BRL60 million in land sales in the State of Goias have
been forecast for 2015/2016.
RATING SENSITIVITIES
According to Fitch's criteria for DDEs, the company's IDRs and
National Scale rating will be downgraded to Restrict Default
('RD') and 'RD(bra)', respectively, once the exchange offer is
approved or if the company defaults on its scheduled
amortization/interest payments.
After the IDR is placed at 'RD', an upgrade to the 'CC' or 'CCC'
category is possible, as a consequence of improvements in the
company's liquidity position.
LIQUIDITY
Fitch forecasts negative free cash flow (FCF) at BRL41 million for
fiscal 2016 and FCF turning positive only in fiscal 2017. The
company posted cash flow from operations (CFFO) of BRL161 million,
which covered capital expenditures of BRL137 million and left FCF
at positive BRL23 million in the last 12 months ended Dec. 31
2015. At the end of 2015, the company reported a weak cash
position of BRL52 million, unfavorably compared to short-term debt
of BRL333 million.
FULL LIST OF RATING ACTIONS
Fitch has downgraded this:
-- Foreign and local currency long-term IDRs to 'C' from 'CC';
-- Long-term National Scale rating to 'C(bra)' from 'CC(bra)';
-- USD275 million senior unsecured notes due 2019 to 'C/RR4'
from 'CC/RR4'.
ODEBRECHT OLEO: S&P Lowers CCR to 'CC' & Maintains on Watch Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its global scale
corporate credit rating on OOG to 'CC' from 'CCC+'. At the same
time, S&P revised the company's SACP to 'cc' from 'ccc+', and S&P
also lowered its issue-level rating on Odebrecht Oil & Gas Finance
Limited to 'CC' from 'CCC+'. S&P also maintained these ratings on
CreditWatch negative.
The downgrade reflects S&P's assessment of risk of non-payment
after OOG announced that it will exercise its right to defer the
interest payment due on March 19, 2016, given a 30-day grace
period provision under the terms of the perpetual notes. The
latter was issued by Odebrecht Oil & Gas Finance Limited, and are
fully guaranteed by OOG.
According to OOG's latest audited report dated June 30, 2015, it
has a consolidated cash position of R$1.12 billion and debt of
R$14.5 billion, of which approximately $150 million of adjusted
unencumbered cash and around $950 million in debt were held at the
holding level, respectively, as per information provided by the
company and S&P estimative for the same period.
The CreditWatch negative listing reflects the likelihood a
downgrade to 'D' if OOG fails to make an interest payment on the
perpetual bond of Odebrecht Oil & Gas Finance Limited by the end
of the 30-day grace period.
The CreditWatch listing continues to reflect the risk of a cross
acceleration of OOG's guaranteed bonds if there is an acceleration
of the OODFL's bonds transaction, which remains in forbearance
period. Therefore, S&P continues to view the non-automatic risk
of OOG's perpetual acceleration, if there is a cross acceleration
of OODFL's bonds.
In order to remove the CreditWatch, OOG will have to make the
interest payment. In addition, if OODFL's bondholders waive the
execution of its acceleration clause, S&P would reassess the
impact of the renegotiation terms for both OODFL's and OOG's
guaranteed bonds. S&P expects to resolve the CreditWatch listing
within 30 days when the grace period of the notes expires.
PARANA BANCO: S&P Affirms 'BB-/B' Ratings; Outlook Remains Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' global
scale and 'brA' national scale ratings on Parana Banco S.A. The
outlook remains negative.
The ratings on Parana Banco reflect: its weak business position
based on the bank's concentrated business profile and its small
market share; its strong capital and earnings due to S&P's
projected RAC ratio slightly higher than 10%; its adequate risk
position because S&P believes the bank will continue focusing on
its core banking businesses; and its below-average funding and
adequate liquidity.
The negative outlook for the next 12 months reflects S&P's view of
a continued negative trend in Brazil's BICRA economic risk and
S&P's belief that the bank could experience financial
deterioration from pressures on the Brazilian banking system
because of the impact of fiscal and monetary tightening on S&P's
economic assessment of Brazil.
S&P could lower the ratings on Parana Banco if S&P was to revise
Brazil's BICRA group to '7' from '6'. Furthermore, S&P could
lower the ratings if the bank fails to maintain sufficient
internal capital after dividends distribution to keep its average
RAC ratio above 10% for the next 12 months.
On the other hand, if S&P was to revise the negative trend in
economic risk on Brazil's BICRA to stable, and Parana Banco
succeed in maintaining its strong capital position, S&P could
revise the outlook to stable.
==========================
C A Y M A N I S L A N D S
==========================
AFRICA HORIZONS: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Africa Horizons G.P. Ltd received on March 17,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
AQUAMARINE OCEAN: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Aquamarine Ocean Ltd. received on Feb. 29,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
ATLANTA AGGREGATOR: Shareholders Receive Wind-Up Report
-------------------------------------------------------
The shareholders of Atlanta Aggregator Limited received on
March 8, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Orangefield (Cayman) Ltd
c/o Damian Juric
Telephone: + 1 (345) 769 3407
Facsimile: + 1 (345) 769 3408
Suite #7, Grand Pavilion Commercial Centre
802 West Bay Road,
P.O. Box 10250 Grand Cayman KY1-1003
Cayman Islands
ATLANTA CO-INVESTMENT: Shareholders Receive Wind-Up Report
----------------------------------------------------------
The shareholders of Atlanta Co-Investment GP Limited received on
March 9, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Orangefield (Cayman) Ltd
c/o Damian Juric
Telephone: + 1 (345) 769 3407
Facsimile: + 1 (345) 769 3408
Suite #7, Grand Pavilion Commercial Centre
802 West Bay Road,
P.O. Box 10250 Grand Cayman KY1-1003
Cayman Islands
BELLINGHAM INVESTMENTS: Shareholder Receives Wind-Up Report
-----------------------------------------------------------
The shareholder of Bellingham Investments Fund received on
Feb. 25, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidators:
John S. Sullivan
c/o Tim Cone
Ogier, Attorneys
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
GLOBAL BUILDING: Shareholders Receive Wind-Up Report
----------------------------------------------------
The shareholders of Global Building Group, Ltd. received on
Feb. 26, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
How St. J. Moses
HSM Chambers
Buckingham Square, 3rd Floor
720 West Bay Road
P.O. Box 31726 Grand Cayman KY101207
Cayman Islands
Telephone: +1 (245) 815-7400
JOURNEY INVESTMENT: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Journey Investment Management Feeder Fund
Limited received on March 11, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Susan Craig
Telephone: (345) 943-3100
JOURNEY INVESTMENT MASTER: Commences Liquidation Proceedings
------------------------------------------------------------
On Jan. 19, 2016, the shareholder of Journey Investment Management
Master Fund Limited resolved to voluntarily liquidate the
company's business.
Only creditors who were able to file their proofs of debt by
March 2, 2016, will be included in the company's dividend
distribution.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Susan Craig
Telephone: (345) 943-3100
JOURNEY INVESTMENT US: Shareholder Receives Wind-Up Report
----------------------------------------------------------
The shareholder of Journey Investment Management U.S. Feeder Fund
Limited received on March 11, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman, KY1-9005
Cayman Islands
c/o Susan Craig
Telephone: (345) 943-3100
LA BELLE: Shareholders Receive Wind-Up Report
---------------------------------------------
The shareholders of La Belle Marine Ltd. received on March 4,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Matthew Wright
c/o Omar Grant
Windward 1, Regatta Office Park
P.O. Box 897 Grand Cayman KY1-1103
Cayman Islands
Telephone: (345) 949-7576
Facsimile: (345) 949-8295
MIDSHIPS CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Midships Capital Fund Ltd. received on Feb. 23,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Hilltop Park Associates LLC
c/o Justin Savage
Ogier, Attorneys
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
MIDSHIPS CAPITAL MASTER: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Midships Capital Master Fund Ltd. received on
Feb. 23, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Hilltop Park Associates LLC
c/o Justin Savage
Ogier, Attorneys
89 Nexus Way, Camana Bay
Grand Cayman KY1-9009
Cayman Islands
Telephone: +1 (345) 949 9876
Facsimile: +1 (345) 949 9877
MYOLD INC: Shareholder Receives Wind-Up Report
----------------------------------------------
The shareholder of Myold Inc received on March 7, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
NAD OFFSHORE: Shareholders Receive Wind-Up Report
-------------------------------------------------
The shareholders of Nad Offshore Holdco Ltd. received on March 17,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
NOVATO CORP: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of Novato Corp received on March 7, 2016, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Commerce Corporate Services Limited
P.O. Box 694 Grand Cayman
Cayman Islands
Telephone: 949 8666
Facsimile: 949 0626
PANTHALASSA CM: Shareholders Receive Wind-Up Report
---------------------------------------------------
The shareholders of Panthalassa CM Ltd received on Feb. 23, 2016,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road, George Town
Grand Cayman KY1-008
Cayman Islands
RESIDENTIAL REINSURANCE: Shareholder Receives Wind-Up Report
------------------------------------------------------------
The shareholder of Residential Reinsurance 2011 Limited received
on March 18, 2016, the liquidator's report on the company's wind-
up proceedings and property disposal.
The company's liquidators:
James Trundle
Kevin Poole
Telephone: 914-2270/ 914-2265/ 949-5263
Facsimile: 949-6021
P.O. Box 10233 Grand Cayman
Cayman Islands
ROCKLEDGE INSURANCE: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Rockledge Insurance Company (Cayman), Ltd.
received on Feb. 26, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ms. Claire Loebell
c/o Joe Gaastra
Ernst & Young Ltd.
62 Forum Lane, Camana Bay
P.O. Box 510 Grand Cayman KY1-1106
Cayman Islands
Telephone: (345) 814 9052
Facsimile: (345) 814 8529
TRIMAX MASTER: Creditors' Proofs of Debt Due April 4
----------------------------------------------------
The creditors of Trimax Master Fund Limited are required to file
their proofs of debt by April 4, 2016, to be included in the
company's dividend distribution.
The company's liquidator is:
Stuart Sybersma
Deloitte & Touche
P.O Box 1787 KY1-1109
Cayman Islands
===============
C O L O M B I A
===============
PACIFIC EXPLORATION: Considering Buyout to Avoid Bankruptcy
-----------------------------------------------------------
Anatoly Kurmanaev and Sara Schaefer Munoz, writing for Dow Jones'
Daily Bankruptcy Review, reported that Latin America's largest
independent oil producer, Pacific Exploration & Production Corp.,
is evaluating six buyout offers to avoid bankruptcy, according to
people familiar with the negotiations.
The final offers, which include a management buyout and up to $500
million in loans, with the board expected to make a decision by
the end of the week, the four people said, according to the
report. Share prices of the Bogota, Colombia-based firm, which is
also listed in Toronto, fell more than 95% in the past two years
as lower oil revenues exposed poorly timed asset purchases, the
report noted.
As previously reported by The Troubled Company Reporter, Pacific
Exploration on Feb. 19 disclosed that the Company has reached an
agreement (the "Noteholder Extension Agreement") with certain
holders (the "2019 Noteholders") of its 5.375% senior notes due
2019 (the "2019 Notes") and certain holders (the "2025
Noteholders", and together with the 2019 Noteholders, the
"Noteholders") of its 5.625% senior notes due 2025 (the "2025
Notes", and together with the 2019 Notes, the "Notes") pursuant to
which the Noteholders have agreed, subject to certain terms and
conditions, to forbear from declaring the principal amounts of
such Notes (and certain additional amounts) due and payable (the
"Forbearance") until March 31, 2016 (the "Extension Period").
About Pacific Exploration
Pacific Exploration and Production Corp. is a publicly held
Canadian company and a leading explorer and producer of natural
gas and crude oil.
The Troubled Company Reporter-Latin America, on Feb. 23, 2016,
reported that Fitch Ratings says that the agency could downgrade
its ratings on Pacific Exploration and Production Corp. (Pacific;
Long-term Foreign and Local Currency Issuer Default Ratings of
'C') to restricted default (RD). This could occur after the
expiration of the recently negotiated extension with bondholders
of the time in which to declare principal due and payable on
certain notes. Fitch considers the extension of multiple waivers
or forbearance periods upon a payment default a restricted default
given they represent a material reduction in terms compared with
the original contractual terms. Furthermore, the extension of
multiple waivers can be interpreted as a tool that is being
conducted in order to avoid bankruptcy.
On Jan. 21, 2016, the TCR reported that Moody's Investors Service
has downgraded Pacific Exploration & Production Corp (Pacific
E&P)'s corporate family rating and senior unsecured debt ratings
to C from Caa3.
The TCR, on Jan. 20, 2016, reported that Standard & Poor's Ratings
Services said it lowered its long-term corporate credit and
issue-level ratings on Pacific Exploration and Production Corp
(Pacific) to 'CC' from 'CCC+'. S&P also removed the rating from
CreditWatch with negative implications. The outlook is negative.
On Jan. 14, 2016, Pacific announced that it has elected to utilize
the 30 day grace period rather than make the interest payments due
on Jan. 19, 2016 and Jan. 26, 2016 of about $65 million. Although
the company is still current on those obligations, S&P expects
default to be a virtual certainty.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REP: All Fuels Except Natural Gas Hike 3rd Straight Week
------------------------------------------------------------------
Dominican Today reports that the Industry and Commerce Ministry
posted the fuel prices for the third week from March 19 to 25,
when premium gasoline will cost RD$183.90, an increase of RD$2.90;
regular gasoline will cost RD$164.20, an increase of RD$2.80 per
gallon.
Optimum diesel will cost RD$139.60, a RD$4.50 increase; regular
diesel will cost RD$124.00, a RD$2.30 increase; avtur will cost
RD$85.80, up RD$3.20; kerosene will cost RD$108.60, a RD$4.30
increase and fuel oil will cost RD$63.50, or RD$1.85 more per
gallon, according to Dominican Today.
The report notes that propane gas will cost RD$85.60, for an
increase of RD$1.80 per gallon, while natural gas remains at
RD$23.22 per cubic meter.
The Central Bank's posted average exchange rate of RD$45.81 per
dollar was used to calculate all fuel prices, the report adds.
As reported in the Troubled Company Reporter-Latin America on
Dec. 3, 2015, Fitch Ratings affirmed the Dominican Republic's
long-term foreign and local currency Issuer Default Ratings (IDRs)
at 'B+'. The Rating Outlooks on the long-term IDRs are revised to
Positive from Stable. The issue ratings on the Dominican
Republic's senior unsecured foreign and local currency bonds are
affirmed at 'B+'. The Country Ceiling is affirmed at 'BB-' and the
short-term foreign currency IDR at 'B'.
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J A M A I C A
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JAMAICA: To Clear Trade Barriers With Cuba
------------------------------------------
RJR News reports that Jamaica and Cuba have agreed to remove
obstacles that continue to hinder trade between the two countries.
Karl Samuda, Jamaica's newly appointed Minister of Industry,
Commerce & Agriculture, met with Cuban Ambassador Bernardo Guanche
Hernandez, according to RJR News.
The Cuban Ambassador said, while Jamaica and Cuba share a close
political relationship, the level of business and trade relations
between the two countries was disappointingly low, the report
notes.
It was suggested that a meeting be held in the near future to
resolve the trade barriers between the neighboring countries, the
report relays.
Accordingly, Mr. Samuda is scheduled to meet with Cuba's Foreign
Trade Minister next month to discuss issues being experienced by
the Jamaican private sector in attempting to gain access to the
Cuban marketplace, the report adds.
* * *
As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches. The first tranche is for up to US$1,350 million due in
2028. The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.
JAMAICA: Big Savings From Central Treasury Management System
------------------------------------------------------------
RJR News reports that the Jamaican Government has been saving
nearly J$4 million weekly since implementing the Central Treasury
Management System in 2012.
Accountant-General, Karlene Murdock, says the daily amount is
J$750,000, according to RJR News.
The Central Treasury Management System allowed the Government to
replace bank accounts of all ministries, departments and agencies
with one account at the Bank of Jamaica, the report notes.
All payments are disbursed from this account, which is managed by
the Accountant-General's Department, the report relays.
This has eliminated bank charges and miscellaneous fees.
"We did an exercise recently and we found that a cheque could cost
anywhere near $250 per cheque -- and this is outside of the
banking fees. So, if you multiply that by three thousand
transactions per day, you can appreciate the volume of savings
that we are realizing in this new system," she explained, in an
interview with Jamaica Information Service (JIS), the State
operated public information agency, the report adds.
* * *
As reported in Troubled Company Reporter-Latin America on July 29,
2015, Standard & Poor's Ratings Services assigned its 'B' issue
rating on Jamaica's up to US$2 billion in bonds issued in two
tranches. The first tranche is for up to US$1,350 million due in
2028. The second tranche is for up to US$650 million due in 2045.
The government will use the proceeds to purchase debt that Jamaica
owes to Venezuela as well as to finance the government's 2015/2016
budget.
===========
M E X I C O
===========
BANCO MERCANTIL: S&P Affirms 'BB' Rating on $120MM Jr. Sub. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
and 'A-2' short-term global scale ratings on Banco Mercantil del
Norte S.A. Institucion de Banca Multiple Grupo Financiero Banorte
(Banorte). S&P also affirmed its 'mxAAA/mxA-1+' long-term and
short-term national scale ratings. The outlook on all ratings is
stable.
Finally, S&P affirmed its 'BB' issue-level ratings on its $120
million junior subordinated hybrid notes due 2020, and S&P's
'mxAAA' long and 'mxA-1+' short-term issuer credit ratings on its
core entity and securities firm, Casa de Bolsa Banorte Ixe, S.A.
de C.V., Grupo Financiero Banorte y Subsidiarias. The outlook on
the securities firm is also stable.
Banorte's issuer credit ratings (ICR) are supported by S&P's
adequate assessment of its business position, reflecting its well-
diversified business mix and stable market shares in terms of
total loans. Its forecasted risk-adjusted capital (RAC) ratio of
about 9.75% over the next two years underpins S&P's adequate
assessment of its capital and earnings. The ratings also factor
in S&P's opinion of its adequate risk position, based on
manageable NPAs and credit losses, as well as its average funding
and adequate liquidity. The stand-alone credit profile (SACP)
remains 'bbb'. The stable outlook over the next 12-24 months is
supported by S&P's expectation that Banorte will continue to grow
its business volumes, and that it will have stable NPAs and credit
losses, with no further acquisitions.
S&P could raise the ratings over the next 12-24 months if Banorte
shows a sustained RAC ratio higher than 10%. This could occur if
the bank improves its internal capital generation beyond S&P's
baseline expectation. This may be possible if there are further
improvements in asset quality that lead to lower provisioning,
thus yielding better bottom-line results. S&P could also upgrade
the bank if it changes its view of its systemic importance to
high, in the event that Banorte reaches a sustained 10% market
share--or more--within the retail segment. S&P could also raise
the ratings if it upgrades the local currency rating on the
sovereign.
Over the next two years, S&P don't see conditions that would lead
it to lower the ratings, considering that a downgrade would
require a downward revision of its SACP by two or more notches.
===========
P A N A M A
===========
PANAMA: Uncertain External Environment Poses Risks, IMF Says
------------------------------------------------------------
According to an International Monetary Fund's summary and
preliminary findings and recommendations, Panama has had the
highest average growth in the region over the past decade and has
made significant progress in improving its economic and financial
institutions and policies. The economic outlook remains
favorable. Although the uncertain external environment poses
risks, Panama's defenses are well placed to cope, should negative
external shocks materialize. To preserve and extend Panama's
achievements, the financial and fiscal policy frameworks should be
further strengthened and additional policy space built. Supply
side reforms, including raising education standards and taking
steps to further alleviate poverty, will help build human capital
and foster sustainable and more inclusive growth.
Panama's economic performance is expected to remain strong
1. Panama is expected to continue to have one of the strongest
growth rates in Latin America, set against a backdrop of low
inflation, a stable financial system, and a declining current
account deficit.
Growth is projected to remain around 6 percent in 2016 and
over the medium term. The economy will be supported by the
expected opening of the expanded canal and lower fuel prices,
which will counterbalance the effects of slowing global growth
and U.S. dollar appreciation. Over the medium term, the
increase in canal transit, a dynamic service sector, and
investments in the energy, mining, and logistics sectors
should help maintain vibrant growth.
Inflation is expected to remain subdued in 2016 as a result of
low oil prices and price controls on certain food items.
The current account deficit, which declined significantly in
2015 to 6.5 percent of GDP, is expected to fall to 3 percent
of GDP in the medium term, financed by broad-based foreign
direct investment inflows.
2. The anticipated fiscal stance is consistent with a declining
debt-to-GDP ratio. The overall fiscal deficit fell to 2.8
percent of GDP in 2015 and is expected to decline to 1.2
percent of GDP over the medium-term. Debt of the Non-Financial
Public Sector is projected to fall below 35 percent of GDP
over the medium term.
The external environment continues to pose risks to Panama
3. Strong integration with the global trade and financial system
brings substantial benefits to Panama, but increases the
country's vulnerability to external shocks. A weakening of
global growth could dampen canal revenues and precipitate
weaker capital inflows. Tighter and/or more volatile global
financial conditions would quickly feed into the local
financial system. However, the strong fundamentals of the
banking sector and the room to implement a countercyclical
fiscal response would help mitigate the impact of either shock
on the domestic economy.
4. Smaller Panamanian banks have to deal with increasingly
restricted access to correspondent banking services provided
by foreign banks. Evolving business models for banks, changes
in capital regulations, concerns over compliance with tax
rules and international standards on financial sector
integrity, and increased due diligence by foreign banks,
particularly with links to the U.S., have curtailed some
smaller Panamanian banks' access to correspondent banks. So
far, these banks have been able to substitute to other
correspondents and the macro-financial impact has been
negligible. Nevertheless, further loss of correspondent
banking services could undermine cross-border payments and
trade finance, with negative implications for the economy. The
authorities should quickly develop a contingency plan to deal
with accelerating withdrawal of correspondent services.
Significant progress has been made to strengthen financial
Integrity
5. The authorities' achievements in improving financial sector
integrity are commendable. The authorities have adopted a
number of legislative reforms to address weaknesses in the
framework for Anti-Money Laundering and Combating the
Financing of Terrorism (AML/CFT), along the lines of the
action plan agreed with the Financial Action Task Force
(FATF). The FATF recognized these reforms and their
implementation by removing Panama from the list of countries
with strategic AML/CFT deficiencies in February 2016. Going
forward, the authorities will need to continue to
energetically enhance the effectiveness of the AML/CFT regime-
particularly on issues of tax transparency-and ensure its full
alignment with the revised 2012 FATF standard.
The fiscal framework and institutions should be strengthened
to safeguard the sustainability of public finances
6. The authorities have made important advances in the fiscal
policy framework. The Social and Fiscal Responsibility Law
(SFRL) and the Savings Fund Law have established an operating
target with the objective of preserving debt sustainability in
the medium term. The framework also provides flexibility to
respond to large adverse shocks. In implementing fiscal
policy, the authorities should also be commended for strong
efforts to ensure transparency and accountability in public
spending, particularly on capital investments.
7. A more effective accountability framework is needed to make
the fiscal responsibility provisions more binding. Since the
SFRL came into force in 2009, deficit ceilings have been
relaxed repeatedly through waivers and amendments to the law
and the SFRL does not provide for any sanctions in such cases.
These repeated revisions signal a weakness in the
institutional setting, especially with regard to the
accountability mechanism. The cost of noncompliance with SFRL
targets should be made explicit and mechanisms put in place to
detect and correct slippages during the budget year. The
authorities may also consider imposing an explicit and
legally-binding fiscal anchor in the medium term (possibly
linked to net debt as a share of GDP); introducing multiyear
budgeting, and establishing an independent fiscal council to
review targets and assess implementation of the framework.
8. The institutional capacity of the revenue agency needs to be
strengthened. Tax compliance is very low given Panama's level
of development and economic dynamism. The authorities' efforts
to improve revenue administration, including through VAT
retention measures, the development of an improved electronic
tax platform, and enhancements to human resources are welcome.
These measures should be complemented by developing a tax
compliance strategy, broadening the tax base, improving the
availability and quality of data, and developing the proper
incentives for tax compliance. The authorities should refrain
from tax amnesties as they erode tax discipline and undermine
the credibility of the tax administration when used
repeatedly.
9. Reforms to address the unfunded liabilities of the pension
system as a whole will be needed to avoid crowding out other
components of public spending. In the absence of parametric
reforms, reserves of the defined benefit system will be
depleted in about a decade and funding pension obligations
thereafter would lead to an annual cost to the budget of 1-2
percent of GDP. Reform options to ensure adequate financing of
the pension system could include a gradual increase in the
retirement age (to reflect increasing life expectancy) and a
reduction in the replacement rate. Early progress on reform
would minimize the adjustment and transition costs while
maintaining space for other much needed spending initiatives.
There would also be merit in exploiting economies of scale by
taking a consolidated approach to the management of the assets
and liabilities of the defined benefit and defined
contribution pension sub-systems.
Efforts are needed to enhance financial supervision and monitor
risks
10. The authorities need to take further steps to fully implement
the 2011 Financial Sector Assessment Program recommendations.
Efforts are underway to improve banking regulations to comply
with Basel II. The cross-border supervision and the
monitoring of systemic risk need to be enhanced by increasing
information exchange with home supervisors of foreign
institutions. Since risks deriving from non-bank financial
institutions can potentially spill over to the banking sector
and threaten financial stability, the supervision of the non-
bank financial institutions needs to be strengthened by
moving expeditiously to risk-based supervision.
11. In the absence of a lender of last resort and deposit
insurance, regulatory requirements need to be adapted to
generate larger liquidity buffers against systemic shocks.
The liquidity of Panama's banking system appears high
according to the official definition. However, supervisory
data collection and liquidity regulation are not in line with
the Basel III framework, which makes a comprehensive
assessment of bank liquidity difficult. By other publicly
available measures, liquidity in Panama's banking system
appears low relative to other comparable countries. The
authorities should aim to align financial regulation with the
Basel III liquidity framework to ensure banks maintain
sufficient high quality liquid assets against liquidity
shocks. In addition, the authorities should establish a
temporary liquidity facility for banks to address systemic
shocks and should develop a plan to coordinate the response
to a large unexpected adverse shock to the financial system.
Changes to education system are needed to generate more inclusive
growth inclusive growth path
12. Economic growth has contributed to significant poverty
reduction over the past decade. Nevertheless, poverty in
indigenous areas remains substantially higher than in the
rest of the country, partly due to low connectivity and the
difficulty of accessing public services from remote
locations. Such a high level of inequality can pose important
constraints on growth and should be addressed through a more
effective system of social safety nets and educational
programs that particularly target the needs of indigenous
households.
13. Greater focus is needed on enhancing human capital. There is
significant scope to improve the quality of public education
and health in line with the Government's Strategic Plan. In
particular, it is essential to move forward with efforts to
renovate schools and classrooms, introduce the extended
school day, revamp programs that improve foreign language and
technical skills, and improve R&D opportunities. On
healthcare, the focus will be on strengthening the preventive
health system and ensuring universal access to primary care.
Doing so will help improve education quality, reduce skills
shortages, lower youth unemployment, raise productivity, and
ultimately improve living standards.
================================
T R I N I D A D & T O B A G O
================================
TRINIDAD & TOBAGO: IMF Projects GDP to Fall 1% This Year
--------------------------------------------------------
An International Monetary Fund mission, headed by Elie Canetti,
visited Trinidad and Tobago during March 3 to March 15, 2016 to
conduct the annual Article IV consultation. Mr. Canetti issued
the following statement in Port of Spain at the mission's
conclusion:
"Trinidad and Tobago's economy is confronting a major shock with
the sharp fall in energy prices that accelerated through early
2016. Based on available information, including on job losses and
continued supply-side constraints in the energy sector, the
mission projects GDP to fall 1 percent this year. In addition,
declines in energy-based revenues will constrain the Government's
ability to act as an engine of growth. Beyond 2016, new energy
projects will modestly boost energy production, while non-energy
growth could start to recover, provided there is confidence in the
country's ability to navigate the harsher global environment.
"Despite the great challenges posed by the need to adjust to
energy prices, Trinidad and Tobago still has enormous strengths,
including a well-educated work force and a stable political
system. With substantial financial buffers and low, albeit rising
levels of public debt, Trinidad and Tobago is not in a crisis.
Nonetheless, in recent years, taking into account the size of
energy revenue windfalls, the country has under-saved and under-
invested in its future. As a consequence, the imbalances that are
now starting to build up could lead the country to uncomfortable
levels of debt and external financial cushions absent further
action.
"The new Government agrees that policy adjustments are needed.
Since assuming office six months ago, the Government has already
taken some difficult but necessary steps in the face of sharply
lower energy revenues, including widening the VAT tax base,
cutting fuel subsidies, reducing the number of Ministries with a
view to streamlining the civil service, and instituting spending
cuts. Despite these measures, with the further fall in energy
prices since the budget, the mission projects the FY 2016 budget
deficit at some 11 percent of GDP, although if one were to
consider asset sales as revenue rather than financing, this would
be equivalent to about 5 percent of GDP. Continued projected
deficits of this size call for further fiscal consolidation,
perhaps of around 6 percent of GDP over the next few years.
"The Government has already identified additional measures that
could meet some portion of this, including improving tax
collections (with the help of a unified revenue authority),
increasing gaming taxes and reintroducing property taxation. We
believe there is further scope to widen the VAT base and increase
some excise taxes, which are low by the region's standards. The
Government has agreed to conduct a wide-ranging expenditure
review, and will seek the assistance of the World Bank to
rationalize and reverse the unsustainable increases in spending on
transfers and subsidies over the last several years.
"We support the Government's intent to conduct a national dialogue
on fuel subsidies with a view to phasing them out over time, and
to review the CEPEP and URP Government employment schemes and the
Government Assistance for Tuition Expenses (GATE) program to make
them more cost-efficient. Reducing such expenditures would also
leave room for a needed reorientation towards development
spending.
"The country's external situation has been very challenging.
Against a backdrop of foreign exchange shortages that have
intensified since the beginning of 2015, the recent sharp falls in
energy prices are further reducing the available supply.
Reflecting those energy price declines, the current account of the
balance of payments is estimated to have registered a deficit of
over 5 percent of GDP in 2015 after years of surpluses. The
mission estimates that deficits will continue, albeit at a reduced
level of 2-3 percent of GDP as the economy slows and public
spending is contained. The modest pace of depreciation should help
to improve the current account. On the other hand, speculative and
precautionary motives are reportedly increasing demand for foreign
exchange. In the circumstances, greater flexibility in the foreign
exchange market would be critical to resolving the foreign
exchange shortages.
"While it is appropriate that the Central Bank paused in its
interest rate hiking cycle in January, there is little scope, as
The Bank agrees, to cut interest rates, at least until shortages
of foreign exchange are ameliorated.
"The mission met with Government officials, banks, and private
sector representatives to assess the foreign exchange legal
framework and market practices and conditions, including the
widespread shortages of foreign exchange, to ascertain whether
there are measures in place which may give rise to exchange
restrictions or multiple currency practices."
"The financial system remains sound, but some reform legislation
has been lagging. Accordingly, the mission welcomes the
Government's intention to push forward with passing long-delayed
insurance legislation, while improving the supervision of credit
unions and systemically important financial institutions is also a
priority.
"Structural reforms remain key to unlocking the country's growth
and diversification potential. The mission welcomes the continued
emphasis on improving the business environment and streamlining
Government "make-work" programs to help alleviate shortages of
less-skilled labor. The Government has initiated a much needed
review of GATE, which we trust will better focus the educational
system. Procurement reform, a key Government priority, is needed
to assure contractors of an even playing field and reduce
perceptions of corruption. The Government has also made a strong
start on the urgent need to reform the country's statistics
agency, with a view to turning it into a strong and independent
National Statistical Institute.
'The authorities were in broad agreement with the mission's
assessment, and the mission wishes to express its gratitude
towards the authorities for their candor and gracious cooperation
and hospitality throughout our stay."
=================
X X X X X X X X X
=================
LATAM: IDB & OAS Urge Region to Strengthen Cybersecurity
--------------------------------------------------------
Leaders of the Inter-American Development Bank and the
Organization of American States called on the countries of Latin
America and the Caribbean to step up their efforts on
cybersecurity following the release of a new study, carried out by
the two institutions with the support of Oxford University. The
report shows the region is highly vulnerable to potentially
devastating cyber-attacks.
The 2016 Cybersecurity Report, Are we ready in Latin America and
the Caribbean? says that four out of every five countries in the
region do not have a cybersecurity strategy or plans for
protecting critical infrastructure. Two out of three countries do
not have a command and control center for cybersecurity. And a
large majority of prosecutors lack the capacity to punish
cybercrimes.
The report analyzes the state of preparedness of 32 countries
based on 49 indicators. It is the first significant examination of
the level of preparedness in Latin America and the Caribbean
against the growing threat of cybercrime.
Uruguay, Brazil, Mexico, Argentina, Chile, Colombia and Trinidad
and Tobago have achieved an intermediate level of preparedness,
but lag advanced countries like the United States, Israel, Estonia
and the Republic of Korea.
"This report is a call to action to protect our citizen and our
critical infrastructure for the 21st Century," said IDB President
Luis Alberto Moreno. "Our region arrived late to the Industrial
Revolution. We cannot miss the opportunity provided by the Digital
Revolution. Because of this, cybersecurity must be a priority."
OAS Secretary General Luis Almagro emphasized that cyberspace is
increasingly becoming an integral part of the daily life of people
in the Americas, and is indispensable to their total development.
"That is why we have to regard cybersecurity like any other kind
of security: an issue of the highest priority for our people,
without which we expose ourselves to potentially catastrophic
losses," he said.
"In this context, our motto, of 'more rights for more people'
signals our commitment to continue working to strengthen the
capacity of our countries to protect our people, our economies and
the critical infrastructure of our region."
The risks of abuse increase as Latin America and the Caribbean
join the digital revolution. The region is the fourth largest
mobile market in the world. Half its population uses the Internet.
There are countries in Latin America that process 100 percent of
their government purchases electronically. And the risks will
multiply with the advent of "The Internet of Things," where not
only computers will be interconnected, but a universe of smart
devices and sensors will monitor and control virtually everything
we use every day.
This evaluation of the readiness of cybersecurity policies in the
region consists of 49 indicators in five areas: policy and
strategy, education, culture and society, legal framework, and
technology. The report includes technical data on each country.
Sixteen countries in the region have no coordinated capacity to
respond to incidents. Only four rank above the intermediate level
of maturity in this respect. And just six have a structured
program of education in cybersecurity, which includes budgetary
stability as well as mechanisms for research and the transfer of
knowledge.
The report also received the collaboration of the Center for
Strategic International Studies, the Getulio Vargas Foundation,
the FIRST organization, the European Council, the Potomac
Institute and the World Economic Forum.
* BOND PRICING: For the Week From March 14 to March 18, 2016
------------------------------------------------------------
Issuer Name Cpn Bid Price Maturity Date Country Curr
----------- --- --------- ------------- ------- ----
PDVSA 8.5 56.25 11/2/2017 VE USD
PDVSA 12.75 53.5 2/17/2022 VE USD
Kaisa Group
Holdings Ltd 8.87 65.5 3/19/2018 CN USD
Venezuela 12.75 52.5 8/23/2022 VE USD
PDVSA 5.25 47.5 4/12/2017 VE USD
PDVSA 5.37 34.65 4/12/2027 VE USD
PDVSA 6 6.5 11/15/2026 VE USD
Venezuela 5.75 61.5 2/26/2016 VE USD
PDVSA 9.75 46 5/17/2035 VE USD
Venezuela 11.95 49 8/5/2031 VE USD
PDVSA 6 37.5 5/16/2024 VE USD
Kaisa Group
Holdings Ltd 9 82 6/6/2019 CN USD
PDVSA 9 43.5 11/17/2021 VE USD
PDVSA 5.5 36.9 4/12/2037 VE USD
Venezuela 13.62 56 8/15/2018 VE USD
Kaisa Group
Holdings Ltd 10.25 69 1/8/2020 CN USD
Kaisa Group
Holdings Ltd 12.87 108 9/18/2017 CN USD
Odebrecht Oil
& Gas Finance
Ltd 7 68 KY USD
CSN Islands
XII Corp 7 74.5 BR USD
Venezuela 8.25 44 10/13/2024 VE USD
Honghua Group
Ltd 7.45 58.5 9/25/2019 CN USD
PDVSA 5.12 53.48 10/28/2016 VE USD
Venezuela 7.75 42.5 10/13/2019 VE USD
Banco do Brasil
SA/Cayman 6.25 75 KY USD
Venezuela 7 44.5 12/1/2018 VE USD
Venezuela 9 44.5 5/7/2023 VE USD
Kaisa Group
Holdings Ltd 6.87 74.423 4/22/2016 CN CNY
Venezuela 9.37 44.5 1/13/2034 VE USD
Venezuela 6 39 12/9/2020 VE USD
Venezuela 7 40.5 3/31/2038 VE USD
CA La
Electricidad
de Caracas 8.5 40 4/10/2018 VE USD
Venezuela 9.25 44.5 5/7/2028 VE USD
Offshore Group
Investment Ltd 7.5 74.87 11/1/2019 KY USD
Venezuela 7.65 35.5 4/21/2025 VE USD
Automotores
Gildemeister SA 8.25 45.87 5/24/2021 CL USD
Kaisa Group
Holdings Ltd 8 70 12/20/2015 CN CNY
Venezuela 13.625 48 8/15/2018 VE USD
Agile Property
Holdings Ltd 8.25 75.05 CN USD
McDermott
International
Inc 8 70.5 5/1/2021 US USD
USJ Acucar e
Alcool SA 9.875 73 11/9/2019 BR USD
Tonon
Bioenergia SA 9.25 62.3 1/24/2020 BR USD
Offshore Group
Investment Ltd 7.125 68.06 4/1/2023 KY USD
Automotores
Gildemeister SA 6.75 44.75 1/15/2023 CL USD
SMU SA 7.75 76.5 2/8/2020 CL USD
Mongolian
Mining Corp 8.87 66.5 3/29/2017 MN USD
Polarcus Ltd 8 40.08 6/7/2018 AE USD
PSOS Finance
Ltd 11.75 75 4/23/2018 KY USD
PDVSA 8.5 57.45 11/2/2017 VE USD
Herbalife Ltd 2 73.7 8/15/2019 US USD
Cia Energetica
de Sao Paulo 9.75 72.87 1/15/2015 BR BRL
BA-CA Finance
Cayman Ltd 1.21 63.249 KY EUR
Hidili Industry
International
Development Ltd 8.625 76 11/4/2015 CN USD
China Precious
Metal Resources
Holdings Co Ltd 7.25 52.067 2/4/2018 HK HKD
Inversora de
Electrica de
Buenos Aires SA 6.5 28.5 9/26/2017 AR USD
NQ Mobile Inc 4 70.448 10/15/2018 CN USD
Glorious Property
Holdings Ltd 13.25 71.971 3/4/2018 HK USD
Kaisa Group
Holdings Ltd 8.875 93.5 3/19/2018 CN USD
PDVSA 6 37.63 11/15/2026 VE USD
PDVSA 12.75 51.83 2/17/2022 VE USD
Polarcus Ltd 8.9 39.854 7/8/2019 AE NOK
Polarcus Ltd 2.87 68.7 4/27/2016 AE USD
Empresa
Distribuidora
Y Comercializadora
Norte 9.75 72.42 10/25/2022 AR USD
PDVSA 6 39.65 5/16/2024 VE USD
Argentina Bond 1.18 8.12 12/31/2038 AR ARS
Venezuela Bond 13.625 50.941 8/15/2018 VE USD
McDermott
International Inc 8 84.5 5/1/2021 US USD
Tonon
Bioenergia SA 9.25 71 1/24/2020 BR USD
Argentina
Bonar Bonds 23.00 5.5 9/10/2015 AR ARS
BCP Finance Co 2.15 61.25 KY EUR
Newland
International
Properties Corp 9.5 32 7/3/2017 PA USD
BA-CA Finance
Cayman 2 Ltd 2.03 62.31 KY EUR
Odebrecht Oil
& Gas Finance
Ltd 7 69 KY USD
PDVSA 9 44 11/17/2021 VE USD
Honghua Group
Ltd 7.45 58.5 9/25/2019 CN USD
Argentine Bonad
Bonds 2.4 68 3/18/2018 AR USD
Automotores
Gildemeister SA 8.25 60 5/24/2021 CL USD
PDVSA 9.75 43 5/17/2035 VE USD
Automotores
Gildemeister SA 6.75 59.5 1/15/2023 CL USD
ESFG
International
Ltd 5.753 0.68 KY EUR
Greenfields
Petroleum Corp 9 20 5/31/2017 US CAD
USJ Acucar e
Alcool SA 9.87 73 11/9/2019 BR USD
CSN Islands
XII Corp 7 73.99 BR USD
SMU SA 7.75 75.25 2/8/2020 CL USD
Mongolian
Mining Corp 8.875 66.5 3/29/2017 MN USD
Banco do Brasil
SA/Cayman 6.25 74 KY USD
Argentina Bocon 2 42.288 1/3/2016 AR ARS
Venezuela
TICC Bond 6.25 73.195 4/6/2017 VE USD
Hidili Industry
International
Development Ltd 8.625 75 11/4/2015 CN USD
Cia Energetica
de Sao Paulo 9.75 72.87 1/15/2015 BR BRL
Venezuela TICC
Bond 5.25 52.627 3/21/2019 VE USD
Newland
International
Properties Corp 9.5 47 7/3/2017 PA USD
Empresa
Distribuidora
Y Comercializadora
Norte 9.75 72 10/25/2022 AR USD
Banif Finance
Ltd 1.449 KY EUR
BPI
Capital
Finance Ltd 2.63 39.5 KY EUR
Cia Cervecerias
Unidas SA 4 51.90 12/1/2024 CL CLP
Banco BPI
SA/Cayman Islands 4.15 71.37 11/14/2035 KY EUR
Argentina Bond 5.83 14 12/31/2033 AR ARS
Cia Sud
Americana
de Vapores SA 6.4 58.45 10/1/2022 CL CLP
Venezuela TICC
Bond 9.12 74.29 9/15/2017 VE USD
Venezuela Bond 9.25 48 9/15/2027 VE USD
Ruta del Bosque
Sociedad
Concesionaria SA 6.3 69.2 3/15/2021 CL CLP
Talca Chillan
Sociedad
Concesionaria SA 2.75 47.78 12/15/2019 CL CLP
Venezuela Bond 11.75 50.5 10/21/2026 VE USD
Provincia
de Rio Negro 1.6716 72 5/4/2024 AR ARS
Provincia
Corrientes 0.0204 8 1/1/2016 AR ARS
Provincia del
Chaco 4 61.25 12/4/2026 AR USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar 4.54 59 10/25/2041 PA USD
Decimo Primer
Fideicomiso de
Bonos de
Prestamos
Hipotecar 6 70.8 10/25/2041 PA USD
Empresa de los
Ferrocarriles
del Estado 6.5 69.91 1/1/2026 CL CLP
***********
Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades. Prices
for actual trades are probably different. Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.
Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, and Peter A.
Chapman, Editors.
Copyright 2016. All rights reserved. ISSN 1529-2746.
This material is copyrighted and any comillionercial use, resale
or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.
* * * End of Transmission * * *